Hinduja Global Solutions logo

Hinduja Global Solutions MD, chairman, board of directors and AGM

NSE: HGSBSE: 532859Commercial Services & SuppliesSmall Cap

Formerly HTMT Global Solutions
Last close ₹337.95down ₹6.65 (1.93%)BSE ₹334.65

Share price at the NSE close on 23 Oct 2026. Previous close ₹344.60.

52-week range of traded prices to 23 Oct 2026
₹331.10Low, 23 Oct 2026₹545.00High, 27 Oct 2025
Market cap
₹1,572 Cr1,193rd largest listed
P/E
Lossover the last 12 months
P/B
0.2
Dividend yield
1.48%
ROE
−0.5%
ROE without one-offs
−1.6%
ROCE
−4.8%
Debt to equity
0.15
Volume, NSE
19,94464.3% delivered

Hinduja Global Solutions board of directors

At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • ChairpersonAshok P. HindujaRelated to the promoter
  • Company Secretary and Compliance OfficerNarendra Singh

7 directors4 independent1 executive2 non-executive

  • Ashok P. Hinduja · ChairpersonNon-executive · joined Dec 2022 · 1 listed board
  • Bhumika BatraIndependent · joined Sep 2019 · reappointed Sep 2024 · 81 months as independent · 4 listed boards · 4 as independent · 8 committee seats, 4 as chair
  • Ganesh NatarajanIndependent · joined Sep 2019 · reappointed Sep 2024 · 81 months as independent · 4 listed boards · 3 as independent · 6 committee seats, 1 as chair
  • Pradeep UdhasIndependent · joined Aug 2022 · reappointed Aug 2022 · 46 months as independent · 3 listed boards · 3 as independent · 4 committee seats, 1 as chair
  • Munesh Narinder KhannaIndependent · joined Dec 2022 · reappointed Dec 2022 · 42 months as independent · 6 listed boards · 6 as independent · 10 committee seats, 4 as chair
  • Vynsley FernandesExecutive · joined Nov 2022 · reappointed Nov 2025 · 1 listed board · 1 committee seat
  • Amit SahariaNon-executive · joined Sep 2025 · 1 listed board · 2 committee seats

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

4 directors who left
  • Sudhanshu Kumar Tripathi, left 30 Sep 2025: Others
  • Anil Harish, left 28 Sep 2025: Tenure Completion
  • Paul Abraham, left 25 Sep 2025: Others
  • Partha DeSarkar, left 3 Sep 2025: Tenure Completion

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 4 Jun 20267 of 7 present4 independent · 5 days in between
    • 29 May 20267 of 7 present4 independent · 58 days in between
    • 31 Mar 20267 of 7 present4 independent · 48 days in between
    • 10 Feb 20267 of 7 present4 independent

  • Audit Committee

    Chair Pradeep Udhas

    Bhumika Batra, Ganesh Natarajan, Amit Saharia

    • 29 May 20264 of 4 present3 independent · 28 days in between
    • 30 Apr 20264 of 4 present3 independent · 78 days in between
    • 10 Feb 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair Pradeep Udhas

    Bhumika Batra, Amit Saharia

    No meeting listed in the filing.

  • Stakeholders Relationship Committee

    Chair Bhumika Batra

    Ganesh Natarajan, Amit Saharia

    • 16 Mar 20263 of 3 present2 independent

  • Risk Management Committee

    Chair Bhumika Batra

    Pradeep Udhas, Amit Saharia

    • 26 Jun 20263 of 3 present2 independent · 169 days in between
    • 7 Jan 20263 of 3 present2 independent

  • Corporate Social Responsibility Committee

    Chair Munesh Narinder Khanna

    Bhumika Batra, Amit Saharia

    • 26 Mar 20263 of 3 present2 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • Haribhakti and Co LLPPeer-review certificate valid to Jul 2027
1 earlier auditor
  • Harihakti and Co. LLPNamed in the filing for the quarter to Mar 2025

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Hinduja Global Solutions AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Hinduja Global Solutions dividend history

Annual general meeting, 25 Sep 2026

57,150 shareholders on the register on 18 Sep 2026; present: 4 promoters and 72 others; votes counted by Virendra G. Bhatt / Virendra Bhatt, Company Secretary.The company's voting result (opens in a new tab)

  1. Adoption of: a) the audited financial statements of the Company for the financial year ended March 31, 2026, along with the reports of the Board of Directors and the Auditors thereon and b) the audited consolidated financial statements of the Company and its subsidiaries for the financial year ended March 31, 2026, along with the report of the Auditors thereon.MoreLess
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.45%

    Turnout: all 56.70% · promoters 77.68% · institutions 3.26% · other public 17.30%

  2. Declaration of final dividend of Rs. 5 per equity share (on an equity share of par value of Rs.10 each) for the financial year ended March 31, 2026.
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.45%

    Turnout: all 56.74% · promoters 77.68% · institutions 3.59% · other public 17.30%

  3. Appointment of a Director in place of Mr. Amit Saharia (DIN:10652099), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.05%

    Turnout: all 56.73% · promoters 77.68% · institutions 3.59% · other public 17.22%

  4. Ratification of the remuneration payable to Cost Auditors for the financial year ending March 31, 2027.
    Ordinary
    99.93% for0.07% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.06%

    Turnout: all 56.73% · promoters 77.68% · institutions 3.59% · other public 17.22%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 26 Dec 2025, 1 resolution

63,289 shareholders on the register on 14 Nov 2025; votes counted by Mr.Virendra Bhatt / Virendra G Bhatt, Practicing Company Secretary.The company's voting result (opens in a new tab)

  1. Re-appointment of Mr. Vynsley Fernandes (DIN: 02987818), as Whole-time Director of the Company and fixation of his remuneration.
    Special
    98.95% for1.05% against

    Against: promoters 0.00% · institutions 99.51% · other public 5.17%

    Turnout: all 53.96% · promoters 77.90% · institutions 4.63% · other public 2.24%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 25 Sep 2025, 5 resolutions

64,444 shareholders on the register on 18 Sep 2025; present: 8 promoters and 81 others; votes counted by Mr. Virendra Bhatt / Virendra G. Bhatt, Practicing Company Secretary.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt: a) the audited financial statements of the Company for the financial year ended March 31, 2025, along with the reports of the Board of Directors and the Auditors thereon; and b) the audited consolidated financial statements of the Company and its subsidiaries for the financial year ended March 31, 2025, along with the report of the Auditors thereon.MoreLess
    Ordinary
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.60%

    Turnout: all 54.38% · promoters 76.68% · institutions 4.35% · other public 8.59%

  2. To consider the retirement of Mr. Paul Abraham (DIN: 01627499) who retires by rotation and does not seek reappointment.
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.78%

    Turnout: all 54.42% · promoters 76.68% · institutions 4.68% · other public 8.58%

  3. To consider the appointment of Mr. Amit Saharia (DIN: 10652099) as a Non-Executive Non-Independent Director
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.47% · other public 1.82%

    Turnout: all 54.42% · promoters 76.68% · institutions 4.68% · other public 8.58%

  4. Ratification of the remuneration payable to M/s. ABK & Associates, Cost Auditors for the financial year ending March 31, 2026.
    Ordinary
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.68%

    Turnout: all 54.42% · promoters 76.68% · institutions 4.68% · other public 8.58%

  5. Appointment of Mr. Virendra Bhatt, Practicing Company Secretary as Secretarial Auditor of the Company.
    Ordinary
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 0.01% · other public 1.64%

    Turnout: all 54.42% · promoters 76.68% · institutions 4.68% · other public 8.58%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 25 Mar 2025, 1 resolution

66,986 shareholders on the register on 14 Feb 2025; votes counted by Mr.Virendra Bhatt / Virendra G Bhatt, Practicing Company Secretary.The company's voting result (opens in a new tab)

  1. APPROVAL FOR PAYMENT OF REMUNERATION TO MR. VYNSLEY FERNANDES (DIN: 02987818), WHOLE-TIME DIRECTOR OF THE COMPANY IN CASE OF INADEQUACY OR ABSENCE OF PROFITS OF THE COMPANY
    Special
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.15%

    Turnout: all 52.08% · promoters 72.85% · institutions 4.85% · other public 9.91%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 27 Sep 2024, 8 resolutions

Present: 8 promoters and 63 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt:na) the audited financial statements of the Company for the financialnyear ended March 31, 2024, along with the reports of the Boardnof Directors and the Auditors thereon; andnb) the audited consolidated financial statements of the Companynand its subsidiaries for the financial year ended March 31, 2024,nalong with the report of the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.05%

    Turnout: all 55.65% · promoters 77.90% · institutions 9.85% · other public 7.34%

  2. To declare a final dividend of Rs. 7 per equity share (on an equity share of par value of Rs. 10/- each) for the financial year ended March 31, 2024
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 55.69% · promoters 77.90% · institutions 10.14% · other public 7.34%

  3. To consider the appointment of a director in place of Mr. Sudhanshu Kumar Tripathi (DIN: 06431686), who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    97.67% for2.33% against

    Against: promoters 0.00% · institutions 95.17% · other public 0.83%

    Turnout: all 55.69% · promoters 77.90% · institutions 10.14% · other public 7.34%

  4. To consider and approve continuation of Mr. Ashok P Hinduja (DIN: 00123180) as Non-Executive Non Independent Director (the Chairman) after attaining the age of 75 years
    Special
    99.49% for0.51% against

    Against: promoters 0.00% · institutions 20.20% · other public 0.91%

    Turnout: all 55.69% · promoters 77.90% · institutions 10.14% · other public 7.34%

  5. Re-appointment of Ms. Bhumika Batra (DIN: 03502004) for a 2nd term as an Independent Director of the Company
    Special
    98.01% for1.99% against

    Against: promoters 0.00% · institutions 81.10% · other public 0.89%

    Turnout: all 55.69% · promoters 77.90% · institutions 10.14% · other public 7.34%

  6. Re-appointment of Dr. Ganesh Natarajan (DIN: 00176393) for a 2nd term as an Independent Director of the Company
    Special
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 2.18% · other public 0.39%

    Turnout: all 55.69% · promoters 77.90% · institutions 10.14% · other public 7.34%

  7. Re-appointment of Mr. Partha DeSarkar (DIN: 00761144) as Whole-time Director of the Company
    Special
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 2.80% · other public 0.84%

    Turnout: all 55.69% · promoters 77.90% · institutions 10.14% · other public 7.34%

  8. Ratification of the remuneration payable to Cost Auditors for the financial year ending March 31, 2025
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.16%

    Turnout: all 55.69% · promoters 77.90% · institutions 10.14% · other public 7.34%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 26 Mar 2024, 2 resolutions

The company's voting result (opens in a new tab)

  1. Approval for payment of remuneration to Mr. Partha DeSarkar (DIN: 00761144), Whole-time Director of the Company in case of inadequacy or absence of profits of the Company
    Special
    98.11% for1.89% against

    Against: promoters 0.00% · institutions 93.78% · other public 1.02%

    Turnout: all 56.12% · promoters 77.81% · institutions 8.69% · other public 11.92%

  2. Approval for payment of remuneration to Mr. Vynsley Fernandes (DIN: 02987818), Whole-time Director of the Company in case of inadequacy or absence of profits of the Company
    Special
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 1.86% · other public 0.57%

    Turnout: all 56.12% · promoters 77.81% · institutions 8.69% · other public 11.92%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 27 Sep 2023, 4 resolutions

Present: 6 promoters and 75 others.The company's voting result (opens in a new tab)

  1. a) The audited financial statements of the Company for the financial year ended March 31, 2023, along with the reports of the Board of Directors and the Auditors thereon; and b) the audited consolidated financial statements of the Company and its subsidiaries for the financial year ended March 31, 2023, along with the report of the Auditors thereonMoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 63.44% · promoters 77.94% · institutions 63.47% · other public 13.71%

  2. To declare a final dividend of Rs.2.50 per equity share (on par value of Rs.10/- each) for the financial year ended March 31, 2023; and to confirm three interim dividends aggregating to Rs.12.50 per equity share of Rs.10/- each already paid for the financial year ended March 31, 2023.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 63.48% · promoters 77.94% · institutions 63.79% · other public 13.71%

  3. To consider the appointment of a Director in place of Mr. Partha DeSarkar (DIN:00761144), who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.08% · other public 0.05%

    Turnout: all 63.48% · promoters 77.94% · institutions 63.79% · other public 13.71%

  4. Ratification of the remuneration payable to Cost Auditors for the financial year ending March 31, 2024
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.03%

    Turnout: all 63.48% · promoters 77.94% · institutions 63.79% · other public 13.71%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 25 Jan 2023, 5 resolutions

The company's voting result (opens in a new tab)

  1. Approval for Buyback of Equity Shares throguh Tender Offer route
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 58.98% · promoters 80.53% · institutions 13.02% · other public 17.99%

  2. Appointment of Mr. Ashok Hinduja (DIN: 00123180) as a Non-Executive Director (Chairman)
    Ordinary
    98.39% for1.61% against

    Against: promoters 0.00% · institutions 52.65% · other public 0.29%

    Turnout: all 58.98% · promoters 80.53% · institutions 13.02% · other public 17.98%

  3. Appointment of Mr. Munesh Khanna (DIN: 00202521) as an Independent Director
    Special
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.86% · other public 0.28%

    Turnout: all 58.98% · promoters 80.53% · institutions 13.02% · other public 17.98%

  4. Appointment of Mr. Vynsley Fernandes (DIN: 02987818) as a Whole-time Director of the Company and fixation of remuneration
    Ordinary
    98.73% for1.27% against

    Against: promoters 0.00% · institutions 41.41% · other public 0.30%

    Turnout: all 58.98% · promoters 80.53% · institutions 13.02% · other public 17.98%

  5. Approval for Managerial Remuneration payable to Mr. Partha DeSarkar (DIN: 00761144), Whole-time Director
    Special
    97.06% for2.94% against

    Against: promoters 0.00% · institutions 96.42% · other public 0.31%

    Turnout: all 58.98% · promoters 80.53% · institutions 13.02% · other public 17.98%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.

Mutual fund votes, meeting of 26 Dec 2025, 1 fund house

  • Re-appointment of Mr. Vynsley Fernandes (DIN: 02987818), as Whole-time Director of the Company and fixation of his remuneration.
    1 for0 against

Mutual fund votes, meeting of 25 Sep 2025, 1 fund house

  • To receive, consider and adopt: a) the audited financial statements of the Company for the financial year ended March 31, 2025, along with the reports of the Board of Directors and the Auditors thereon; and b) the audited consolidated financial statements of the Company and its subsidiaries for the financial year ended March 31, 2025, along with the report of the Auditors thereon.MoreLess
    1 for0 against
  • To consider the retirement of Mr. Paul Abraham (DIN: 01627499) who retires by rotation and does not seek reappointment.
    1 for0 against
  • To consider the appointment of Mr. Amit Saharia (DIN: 10652099) as a Non-Executive Non-Independent Director
    1 for0 against
  • Ratification of the remuneration payable to M/s. ABK & Associates, Cost Auditors for the financial year ending March 31, 2026.
    1 for0 against
  • Appointment of Mr. Virendra Bhatt, Practicing Company Secretary as Secretarial Auditor of the Company.
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundNo issues on merit of the proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR 2015: Proposed audit fee payable to Secretarial Auditors not disclosed in the Notice.
    0 for1 against
3 earlier meetings

Mutual fund votes, meeting of 26 Mar 2024, 2 fund houses

  • Approval for payment of remuneration to Mr. Partha DeSarkar (DIN: 00761144), Whole-time Director of the Company in case of inadequacy or absence of profits of the Company
    Against Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Remuneration appears excessive.
    0 for2 against
  • Approval for payment of remuneration to Mr. Vynsley Fernandes (DIN: 02987818), Whole-time Director of the Company in case of inadequacy or absence of profits of the Company
    2 for0 against

Mutual fund votes, meeting of 27 Sep 2023, 5 fund houses

  • a) The audited financial statements of the Company for the financial year ended March 31, 2023, along with the reports of the Board of Directors and the Auditors thereon; and b) the audited consolidated financial statements of the Company and its subsidiaries for the financial year ended March 31, 2023, along with the report of the Auditors thereonMoreLess
    5 for0 against
  • To declare a final dividend of Rs.2.50 per equity share (on par value of Rs.10/- each) for the financial year ended March 31, 2023; and to confirm three interim dividends aggregating to Rs.12.50 per equity share of Rs.10/- each already paid for the financial year ended March 31, 2023.MoreLess
    5 for0 against
  • To consider the appointment of a Director in place of Mr. Partha DeSarkar (DIN:00761144), who retires by rotation and being eligible, offers himself for re-appointment
    5 for0 against
  • Ratification of the remuneration payable to Cost Auditors for the financial year ending March 31, 2024
    5 for0 against

Mutual fund votes, meeting of 25 Jan 2023, 3 fund houses

  • Approval for Buyback of Equity Shares throguh Tender Offer route
    3 for0 against
  • Appointment of Mr. Ashok Hinduja (DIN: 00123180) as a Non-Executive Director (Chairman)
    Against Nippon India Mutual Fund, SBI Mutual Fund
    • Nippon India Mutual FundProposed appointment of director is not liable to retirement by rotation
    • SBI Mutual FundAshok Hinduja, 72, is part of the promoter family and is the Chairperson of the Hinduja Group of Companies (India). He is the founder-member of the National Health and Education Society. He will not be liable to retire by rotation. We do not support his appointment as he will continue to remain a permanent board member. We do not support board permanency and believe shareholders must have the right to vote periodically on directors’ reappointments.
    1 for2 against
  • Appointment of Mr. Munesh Khanna (DIN: 00202521) as an Independent Director
    Against SBI Mutual Fund
    • SBI Mutual FundMunesh Khanna, 60, is a Chartered Accountant. He is the founder of Backbay Advisors LLP, a strategy advisory and investment banking firm. He has experience in tax and corporate affairs, corporate finance, strategy and business restructuring. He is the former Country Head and Managing Director of NM Rothchild & Sons in India. Munesh Khanna serves on the board of four listed companies including Hinduja Global Solutions Limited. Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors in a maximum of three listed companies. Further, we believe that, as a Partner with his own firm, his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies are not in keeping with the spirit of the regulation.
    2 for1 against
  • Appointment of Mr. Vynsley Fernandes (DIN: 02987818) as a Whole-time Director of the Company and fixation of remuneration
    3 for0 against
  • Approval for Managerial Remuneration payable to Mr. Partha DeSarkar (DIN: 00761144), Whole-time Director
    Against Nippon India Mutual Fund, SBI Mutual Fund
    • Nippon India Mutual FundInadequate disclosure
    • SBI Mutual FundPartha DeSarkar, 59, is the Global CEO and has been with the company since April 2007. With effect from 1 October 2022, he is an employee of Hinduja Global Solutions LLC, a step-down subsidiary and has relocated to USA to ensure growth, transformation, complete acquisitions and integrate acquired entities. He will be paid remuneration partly from Hinduja Global Solutions LLC and partly from the company. The company seeks to pay a one-time remuneration of Rs. 250.0 mn in view of his contribution to the sale of the healthcare division at an enterprise value of USD 1.2 bn (~Rs. 81 bn). The total remuneration payable to Partha DeSarkar will be in excess of the regulatory threshold of 5% of the net profits and the timing of the payment will be at the board’s discretion. We note that the company has cumulatively paid a dividend of Rs. 250.0 per share (total dividend outflow of Rs. 12.8 bn) or 16% of the sale proceeds from the healthcare business. Including the proposed buyback, the overall outflow to shareholders represents ~28.4% of sale proceeds from the healthcare business, which is low. Further, the proposed one-time commission is high at ~6.3% of the annualized FY23 PBT.
    1 for2 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Tax disputeCustom AuthoritySince 10 Apr 2019
    Status quo is maintained.
    At the filing before: IndusInd Media & Communications Limited (IMCL), subsidiary of Hinduja Global Solutions Limited ('HGSL' or 'Company'), has imported STB and paid CVD at thetime of Import. The STB in turn installed at Customer premises against activation charge on which service tax is paid to provide Cable TVservices, which is a taxable output services. The STBs are capitalized in the Books of accounts and Company had claimed Input credit of CVD paid on capital Goods i.e. STB as the same are directly used to provide output services. Department has issued SCN denying theclaim saying that the services provided by the MSO is not directly related to the end customers and hence is not eligible for CENVAT credit (Amount involved Rs.95.55 Crore). Appeal filed with CESTAT on 10.04.2019. Matter pending before the CESTAT,will be heard in due course.MoreLess
  • Tax disputeDCIT, Central Circle 2(3), Mumbai.Since 29 Sep 2025
    Status quo is maintained
    At the filing before: Penalty of INR 18,66,12,144 has been levied by the Assessing Officer (AO) underSection 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2012-13 foralleged concealment of income. This penalty predominantly pertains todisallowance of set-off of unabsorbed depreciation and brought forward businesslosses, which was claimed by the Company in its return of income (original andrevised income tax returns filed on 28.09.2012 and 29.03.2014 respectively).The tax officer denied set-off of these losses citing absence of supportingdocuments to evidence the business losses and unabsorbed depreciation in theprevious years going back to 1996-97. The Company is of the opinion that thelevy of penalty is based on the incorrect fact that business losses and unasorbeddepreciation were concealed whereas the Company had disclosed the sameyear-on-year in its tax return. The Company has filed an appeal beforeCommissioner of Income-tax (Appeals) [CIT(A)] against the said penalty order.The Company strongly believes that this penalty order is not tenable before the CIT(A) itself. Appeal has been filed.MoreLess
  • Tax disputeDCIT, Central Circle 2(3), Mumbai.Since 30 Mar 2026
    Status quo is maintained.
    At the filing before: Tax officer has completed the reassessment proceedings for Assessment Year 2021-22 (Financial Year 2020-21) disallowing the foreign exchange loss (net) INR 34,31,95,000 to the returned income. The tax officer has raised a tax demand of INR 8,54,65,134 and interest of INR 6,94,51,696 aggregating to INR 15,49,16,830. The tax officer has cited the absence of breakup of forex as to transaction level forex losses (net) and unrealized forex losses (net) (including that of the Philippines branch of the Company) as the reason. The Company believes that it had filed the information requested during the course of assessment proceedings. The Company has claimed the aforementioned expenses in line with applicable provisions of section 43AA of Income-tax Act, 1961 read with applicable Income Computation and Disclosure Standards. It is in process of filing an appeal before the Commissioner of Income-tax (Appeals) against this assessment order. Further, there are multiple mistakes apparent from record in the assessment order against which the Company has filed rectification application dated 15 April 2026, which once rectified, will reduce tax demand INR 8,58,61,434 and interest to INR 1,74,65,893 aggregating to INR 10,33,27,327.MoreLess
  • Tax disputePr. Commissioner of Customs (Port) - KolkataSince 26 Sep 2024
    Status quo is maintained.
    At the filing before: Writ petition was filed before Calcutta High Court, to quash the Show Cause Notice received on 26 Sep 2024, for the FY 2015-16 to FY2018-19 (4 years), on "Jurisdiction". Subsequently, letter received from Kolkata Customs House on 27 Feb 2025 transferring the matter to call book list in compliance with the Calcutta High Court ('HC') order dated 14 Feb 2025 wherein interim stay was granted by the HC until the disposition of the writ petition on the grounds that Customs authorities have no jurisdiction to issue the show-cause notice on the subject matter of SEIS scrips issued by the issuing authority (Amount involved- INR 16,34,68,797). Proceedings are transferred to the call book list of Kolkata Customs, as per HC stay order.MoreLess
  • Tax disputeIncome Tax- GAAR PanelSince 23 Oct 2024
    The proceedings are still under way. The next date of hearing will be fixed in the month of August 2026 by the Hon'ble Bombay High Court Bench.
    At the filing before: On 23rd Oct 2024, Income Tax Department has issued a Show Cause Notice (SCN) on why General Anti- Avoidance Rules should not be invoked in relation to the demerger of NDL's media business into HGS. HGS filed its response to the SCN on 5th Dec'24 detailing why GAAR should not be applicable. On 13th Jan 2025, the Principal Commissioner Income Tax (PCIT) issued a SCN stating that he has reviewed the SCN and still holds the view that GAAR should be invoked. HGSL was given time to reply to SCN and make submissions by 28th Jan' 2025. HGS filed detailed submissions on February 21, 2025 and on March 10, 2025. There was a personal hearing before the PCIT on March 10, 2025. The Secretary GAAR panel communicated vide email dated 8 July 2025 to file a rejoinder by 28 July 2025, against the PCIT's reference to the GAAR panel on 31 March 2025. HGS has sought extension of time to file the rejoinder till 11 August 2025. (Amount involved for AY 2022-23- INR 281,59,50,487 as per Form 3CEIA of PCIT filed before the GAAR panel) further adjourned to 18 Aug 2025. GAAR panel first hearing took place on 18 August 2025 wherein Income tax department made a detailed submission before the panel and HGSL provided factual information about the demerger of DMC division of NXT digital with HGSL. Second hearing was scheduled for 15 September 2025 vide hearing notice dated 28 August 2025 and a rejoinder was filed by HGSL with the GAAR panel on 11 September 2025. The third hearing before GAAR panel happened on 15 October 2025 wherein both HGSL and the Income tax department, represented their respective submissions before the panel. Subsequently, a corrigendum was filed by the Revenue department on 15 October 2025 ( dated Sept.15th, 2025), without any prior notice to the Company. In response to which HGSL sought sufficient time, from the GAAR panel, to respond with detailed annexures and supporting documents. Panel stated that they will go through both parties' submission and pass draft order for AY22-23 and AY23-24. GAAR Panel may pass draft order for AY 2022-23 and AY 2023-24. The GAAR Panel stated that they will go through both parties' submission and pass its order for AY 22-23 and AY 23-24. HGSL sought sufficient time, from the GAAR panel, to respond with detailed annexures and supporting documents vide its letter dated 20 October 2025. The GAAR panel passed an order on 30 October2025, characterizing the demerger of NXT Digital’s DMC business with HGS as an “impermissible avoidance arrangement” and directed the Deputy Commissioner of Income-tax (DCIT-AO) to disregard the brought forward losses of the demerged entity, i.e., NXT Digital with the income of the resulting company, i.e., HGSL. As per the communication, total tax reduction of the Company was Rs. 281.59 Crore. Further, during the course of assessment proceedings for AY 2022-23 and AY 2023-24, the Assistant Commissioner of Income-tax has issued a notice asking for certain details on compuation of capital gains on sale of healthcare business. Tax officer is seeking to recharacterise and attribute consideration actually attributed to other jurisdictions to India and has asked for justification as to why the sale consideration earned by the Company in India should not be increased by INR 1245,67,30,765 (approximate capital gains tax impact of INR 285 crores). The Company believes that the attribution sought by the tax officer is not tenable in law and is without any valid basis. The Company is in the process of filing a detailed response to the same. No order has been passed by the tax officer on GAAR related matter. The Company had challenged the above direction and filed a writ petition in the Hon’ble High Court of Judicature at Bombay. The Hon’ble Bombay High Court heard the writ petition on December 19, 2025 and has passed an interim relief order in favour of the Company stating that: (a) the petition filed by the Company is admitted; and (b) in the interim, granted a stay on implementation of the said direction of GAAR Panel providing the interim relief to the Company. The Hon’ble High Court would further hear the matter. The matter is currently sub-judice before the Hon’ble Bombay High Court. The next date of hearing is 24th April 2026.MoreLess

In the company's own words, from its latest governance filing.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
No
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.